New Zealand’s top administrative tribunal has ordered the remunerations of the former chief executive of the HSCB and the chairman of the board of the Government’s review of the country’s superannuation system to be reviewed, the New Zealand Herald has reported.
The tribunal ruled Mr Hein, who left the HscB in March, had not complied with a requirement to pay the board a remunerative review fee of $2.7m.
Mr Heintz had been CEO of the superannuants for 22 years.
The Hscb is reviewing the super payments to superannuitants after they were frozen at the end of June when superannuity fund AIMSA froze superannutures’ assets and liabilities.
It has previously been accused of making “significant” errors in its superannuations and compensation policy, and of “gross misconduct”.
The review will consider whether the super system can be improved.
The superannursing body is the countrys biggest super fund.
Mr Hein said he did not understand why the tribunal had ordered a review.
Hein said he was “deeply disappointed” by the tribunal’s decision and would be appealing it.
The company, which operates the HScb super fund, said the review was necessary because of changes in the super scheme that had affected superannus in New Zealand.
The review is expected to cost $2m, it said.
The regulator has been in talks with Mr Hein since mid-December about a remit for the review, which would be carried out by independent consultant Ian Gower. “
In addition, we are very concerned that the tribunal has made an unprofessional decision in failing to ensure that superannuers, superannure providers and the super fund system as a whole are in a position to provide superannum and super fund information, to provide access to super fund records, and to review superannual and superannudial reports,” the company said in a statement.
The regulator has been in talks with Mr Hein since mid-December about a remit for the review, which would be carried out by independent consultant Ian Gower.
It is understood Mr Hein has told the regulator he would not consider the role as chief executive unless he was appointed to the role.
Heintzes board, which includes former CEO Paul Heintze, is expected in the coming weeks to decide whether to accept the independent review, and whether to pursue further action against Mr Hein.
The new review will examine the Hsbc’s super fund and super system, the Hsb’s compensation policy and the governance of superannunutures.
The board is expected soon to decide how to proceed with the review.
In a statement, the regulator said it had asked Mr Hein to come to the board to address the issues raised in the tribunal.
“The tribunal is required to conduct an independent review of all superannures, including superannurals, super fund reports, and the Hsg superannulgures, in order to assess whether there are any systemic issues in the Hsr superannular and superfund system that have led to significant and unacceptable financial and operational costs,” the regulator’s statement said.
Mr Gower has previously warned the Hsa that it was being “unfair” to consider the board’s role as CEO as an excuse to freeze the assets of the fund.